Is anyone else really tired of the Democrats’ vilification of private equity?
Recently the head of Obama’s campaign called Mitt Romney a “job killing machine” during his time at Bain Capital, and someone who would hurt the economic appeal of a McCain ticket if he were chosen as VP. Not only is that a caricature of the private equity industry, it’s also not true.
Yes, occasionally a PE firm will acquire a company and fire some people. Why? Because those jobs were unnecessary and inefficient, and hurting the company’s bottom line. Employment for employment’s sake has no place in a capitalist society. Not to mention the job creation PE firms are responsible for as they grow their portfolio companies.
Also, in what world will Romney as VP hurt the economic appeal of McCain’s ticket? Romney is widely regarded as the strongest candidate as far as understanding of the economy is concerned.
